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CFPB's 1st Suit Under Mulvaney Targets Pension Advance Co.

Law360 (September 13, 2018, 4:14 PM EDT) -- The Consumer Financial Protection Bureau filed its first new lawsuit under acting Director Mick Mulvaney on Thursday, targeting a California pension advance company that a number of state regulators and consumers have accused of making predatory loans disguised as asset sales.

In a complaint filed in California federal court, the CFPB said that Future Income Payments LLC and a slew of affiliates run by its president, Scott Kohn, claim to be in the business of purchasing portions of pensions, legal settlements and other income streams from...
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